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The firm mismanaged its $3.4 billion 401(k) plan by overpaying for administrative services and misusing money forfeited by former employees, the class-action lawsuit alleges.

"The predominant risk at this point is that the softening in the labor market gains momentum and the economy tips into an unnecessary and unwanted recession."

The report showcases a consumer who is holding up despite higher borrowing costs, a cooling labor market, and an uncertain economic outlook.

A September rate cut by the Federal Reserve seems all but assured.

BofA employees filed a lawsuit last week alleging that the company mismanaged its 401(k) plan by using assets forfeited by former workers for its own financial benefit.

The PPI rose 0.1% from a month earlier and 2.2% from a year ago.